With 30 June upon us, taxpayers are looking for opportunities to reduce their tax liabilities for the fiscal year, and according to Institute of Public Accountants senior tax advisor Tony Greco, small businesses should also not overlook the cash flow benefits of tax deferral opportunities.
Wrapping up the EOFY properly ensures businesses roll into the new financial year smoothly, and helps business owners put their best foot forward from the get go. With this in mind, RSM Bird Cameron has put together 12 tips for starting the 2011/12 financial year.
Nobody likes tax and if you’re starting a business it’s probably one of the least appealing aspects to running it. Ignore it and be disorganised at your peril!
Like in the Amazing Race, we have entered the last leg and it’s now time to focus on your taxation obligations otherwise the ATO may eliminate you.
According to the Tax Institute’s Robert Jeremenko, it’s in every business owners interests to stay up to speed on superannuation changes.
“Many people consider contributing greater amounts into superannuation before the end of the financial year to get the most out of their savings. If you do, it is crucial to make sure you don’t exceed the contributions caps under any circumstances.”
With the tax silly season almost upon us, it’s that time of year again for smart business owners to start taking action before 30 June and look at ways to reduce their tax bill.
You don’t need to be an accountant to appreciate the effects of one financial year ending and another beginning. Similar to a new calendar year, a new financial year can be used as the perfect opportunity to carry out a couple of those tasks that we all too often place in the “too hard” or “later” piles.
Business owners will face an added end of financial year compliance burden when the Federal Flood Levy is installed on 1 July, according to leading accounting software provider MYOB.
MYOB’s Julian Smith blogs about the importance of giving yourself a pat on the back this EOFY.
“For some of you self-recognition is rare, you’re so busy doing the day to day work that it’s easy to miss. I encourage you to recognise the hard work and determination that you have put in to your business, what you have achieved and the contribution you make to your local business community.”
Trend Micro’s Tina Su blogs about remaining vigilant online as the EOFY draws closer.
“Cybercriminals often capitalise on the tax season to launch a plethora of attacks and that is not surprising.”
